Gold reached a new all-time high yesterday, but U.S. long-term interest rates also increased. Today, ahead of the U.S. employment report, some traders are selling to take profits and adjusting their positions. This has caused gold prices to decline.
Selling may continue today, but this drop is likely just a temporary pullback within the overall upward trend.
The expected lower support level is around $2,820, which is the 38.2% Fibonacci retracement level. If the price falls below this level, it could drop further to $2,788. This level is important because it is the 61.8% Fibonacci retracement and also the high point reached in October last year, making it a strong support level.
Expected Gold Price Range: $2,870 – $2,820
Note: This information does not guarantee profits. Please make your own decisions when trading.